American Households Spent More Than $1,200 Annually on Consumer Electronics, CEA Study Finds
The average U.S. household spent $1,229 on consumer electronics (CE) products in the past 12 months, $176 less than in the prior year, according to a new study released today by the Consumer Electronics Association (CEA). According to the 11th Annual Household CE Ownership and Market Potential Study, video products are expanding already high levels of ownership.
On average, men continue to spend more on consumer electronics than women, spending $902 annually compared to women, who spent $558. Young adults spent more than any other age group. Consumers ages 18-24 spent $1,056 last year on CE devices, an increase of nearly $100 from the prior year. The average household reports owning 23 CE products, down from 24 products last year. However, the number of discrete (separate) CE products per household increased from 13 to 15.
“As products such as smartphones and GPS units incorporate a greater number of features and consumers replace older CE devices with newer ones, it’s not surprising to see the average number of products owned fluctuate,” said Ben Arnold, CEA’s senior research analyst. “While consumers report spending less on CE, ownership of nearly all products measured in this study are higher compared to last year showing that consumers continue to buy CE products but are purchasing them at lower price points.”
Most U.S. Households Now Own a High-Definition Television
The study also shows an increase in video product ownership. Televisions are the most owned CE device in the U.S., with 99 percent of households owning a TV. Fifty-two percent of households own at least one HDTV, an increase of 11 percent from last year and double the penetration rate from 2007. Ownership of plasma and LCD screens as well as sets over 40-inches are also on the rise. DVD players (93 percent penetration rate) and cell phones (90 percent penetration rate) are the next most commonly owned CE devices.
“As the June 12 digital television transition date nears, the average price for HDTVs continues to fall and HDTV programming increases, consumers are buying their first, second or third high-definition televisions,” said Arnold. “With fewer Americans traveling and going out for entertainment, they are, in turn, choosing to stay home, save money and watch high-definition content in the comfort of their own living room.”
The 11th Annual Household CE Ownership and Market Potential Study (May 2009) was conducted between January 29 and February 2, 2009.It was designed and formulated by CEA Market Research, the most comprehensive source of sales data, forecasts, consumer research and historical trends for the consumer electronics industry. Please cite any information to the Consumer Electronics Association (CEA). The complete study is available free to CEA member companies. Non-members may purchase the study for $999 at myCEA.CE.org.
The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $172 billion U.S. consumer electronics industry. More than 2,200 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion and the fostering of business and strategic relationships. CEA also sponsors and manages the International CES – Where Entertainment, Technology and Business Converge. All profits from CES are reinvested into CEA’s industry services.